Punjab National Bank (PNB) has entered into alliance with Metlife through acquiring 30% stake in the insurance company for an undisclosed amount. The new company has been branded PNB Metlife India Insurance Company.
The state-run lender will get access to global products and the risk management expertise of MetLife through this alliance. The acquisition would make PNB Metlife ninth largest insurance company in India in terms of new business premium.
Metlife will continue to hold 26% stake in the company. Other stakeholders in the company include J&K Bank (5%), Elpro International (21%) and M Pallonji & Co (18%). PNB will bring to Metlife its 5,900 branches and over 78 million customers across the nation. MetLife, with 90 million customers worldwide, has been operating in India since 2001.